Exceltemplates.org – For young people, they allocate most of their time to work and make money in order to suffice their daily needs and requirements. But as we get older, there will come a time when we would not be able to work anymore. Thus, we will not be able to make more money to suffice our need. The only source of income that we might get is from our pension account or what people simply call as their 401K account. And it is important to find out how much money will we have once we retire. We can find out such thing through the use of 401K calculator that could be made through Microsoft excel.
Planning Your Retirement with 401K Calculator
401K is an account of pension plan which takes its name from the 401k subsection of internal revenue code. Through 401k, we can create a retirement plan through the tax breaker that we make when we are still actively working. And as its name might imply, Microsoft excel 401k calculator template is useful in order to calculate how much money that we might have on our retirement plan based on our annual salary and income.
How to use 401K Planner and Calculator Template?
There is plenty of input that needs to be filled out within the template. First, you need to fill out your basic details such as your current age and the age of retirement. Next, enter your current salary and the expected salary increase in the future. Next, fill out your current balance of your 401k and also its contribution that you have made up to now. Then, you need to write down your employer’s contribution up to date and also the percentage of your salary. Add your annual contribution and the expected increase in percentage. Finally, you need to complete the employer match and also employer maximum percentage of salary.
Using Microsoft Excel to simplify your spreadsheet tasks is not as difficult as you think. I learned how to use it in less than 24 hours and rely on internet to find the solution if I got stuck. I am not an Excel expert, but here are all useful spreadsheets I have collected and created.
